Clifford Chance‘s Hong Kong team forms a key part of the firm’s integrated Greater China ECM offering (including significant resources in Beijing and Shanghai) that provides ‘a customer-centric and efficient service’ to issuers and underwriters/sponsors, both in relation to IPOs on the main board of the HKSE and international offerings. Chinese companies from a variety of industries, including the TMT, healthcare and financial services sectors, form a large proportion of the firm’s client base and continue to provide substantial work-flow after the IPO stage, including on ongoing Hong Kong listing compliance matters, private placements, rights issuances and privatisations. Beijing-based Tim Wang heads up the overarching Greater China ECM offering that includes key Hong Kong practitioners Virginia Lee, who as well as her transactional work is also noted for her strong regulatory grounding, and the ‘responsive’ Fang Liu, who provides ‘high-quality advice’ to issuers and global investment banks on Hong Kong IPOs, as well as SEC-registered offerings. Amy Lo retired in April 2022.
Capital markets (equity) in Hong Kong
Clifford Chance
Practice head(s):
Other key lawyers:
Virginia Lee; Fang Liu; Christine Xu; Tommy Tam; Chen Sheng; Janet Tang; Queenie Tong
Testimonials
‘The lawyers have rich industry backgrounds, imagination and a sense of responsibility, enabling them to provide a customer-centric and efficient service.’
‘The team responds quickly, is familiar with the operation of Hong Kong’s capital market, and is adaptable to the differences in work culture between China and Hong Kong.’
‘The team has rich experience in handling Hong Kong listing rules compliance matters.’
‘The responsive Fang Liu provides high-quality advice.’
Key clients
China Energy Construction Co., Ltd.
China International Capital Corporation
China Huarong Asset Management Co., Ltd.
Dongfeng Motor Group Company Limited
Hangzhou SF Intra-City Industrial Co., Ltd.
Qingdao Ainnovation Technology Group Co., Ltd.
SenseTime Group Inc.
Sirnaomics Ltd.
Beijing Capital Group
China Machinery Engineering Corporation
Work highlights
- Advised the joint sponsors and the underwriters on the $106m IPO and dual primary listing of Chinese question-and-answer platform Zhihu Inc. on the main board of the Hong Kong Stock Exchange.
- Advised China Huarong Asset Management Co., Ltd. on its RMB42bn recapitalisation and strategic equity investment.
- Advised Beijing Capital Group Co. on the privatisation, through its wholly-owned subsidiary, of Beijing Capital Land Ltd., a company incorporated in the PRC and listed on the Hong Kong Stock Exchange.
Davis Polk & Wardwell LLP
With a sizeable presence in Hong Kong and mainland China, including many with US qualifications, Davis Polk & Wardwell LLP‘s ‘professional team provides customers with one-stop-shop legal services’, whether it be in relation to listings on the Shanghai Stock Exchange, Hong Kong listings, international offerings or US IPOs. Although the team is industry agnostic, it has recently been involved in a slew of listings – both on the issuer and underwriter side – in the healthcare and biotech space, including its recent advice to underwriters on BeiGene’s IPO and listing on the Shanghai Stock Exchange, making it the first biotech company in the world to be listed on all three markets in the US, Hong Kong and China. The mandate was led by the ‘vastly experienced’ Li He and James Lin. The ‘impressive’ Yang Chu is appreciated for his ‘hands-on and reliable’ advice on Hong Kong IPOs.
Practice head(s):
Yang Chu; Li He; James Lin; Steve Wang; Jason Xu
Testimonials
‘The firm has strong capital markets capabilities.’
‘The professional team provides customers with one-stop-shop legal services, and at the same time actively strives for the interests of the customers in the whole process of the transaction, and has the courage to seek innovation.’
‘Their Hong Kong capital markets and US capital markets and M&A team co-operate very closely and to good effect.’
‘Yang Chu is professional, efficient and quick thinking.’
‘The impressive Yang Chu is very hands-on and reliable.’
‘Li He has vast experience having participated in the most high-profile capital market projects in major markets in recent years. He demonstrates superior business insights.’
Key clients
CANbridge Pharmaceuticals
ANE (Cayman) Inc.
Abbisko
Kindstar Globalgene Technology
Zylox-Tonbridge Medical Technology
Black Spade Acquisition Co.
Nayuki Holdings
China Youran Dairy Group
Linklogis Inc.
Tuya Inc.
CNOOC
Work highlights
- Advising CNOOC on its $4.38bn IPO and listing on the Shanghai Stock Exchange.
- Advising the underwriters on Hong Kong and US laws on the dual primary listing of the Class A ordinary shares of KE Holdings by way of introduction on the Hong Kong Stock Exchange.
- Advising the underwriters on the IPO and listing of BeiGene on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
Kirkland & Ellis
Headed up from Hong Kong by David Zhang and also benefitting from strong coverage in Beijing and Shanghai, Kirkland & Ellis‘ integrated Greater China capital markets offering is a popular choice among underwriters and issuers across a range of ECM matters. The firm’s US heritage and ability to resource matters utilising US-qualified practitioners in Hong Kong ensures that it is a particularly compelling proposition for PRC companies on their dual listings. Although the practice is industry agnostic it has been particularly active advising on biotech and life sciences listings, including Mengyu Lu‘s recent representation of the joint sponsors and underwriters on Keymed Biosciences’ $400m global offering and listing on the HKSE. Lu also has deep regulatory expertise and has more recently been at the forefront of efforts to fashion a regulatory framework in Hong Kong for the listings of SPACs and potential deSPACs.
Practice head(s):
David Zhang
Other key lawyers:
Mengyu Lu
Testimonials
‘Kirkland & Ellis provides solid equity capital markets expertise.’
Work highlights
- Advised the joint sponsors and underwriters on the $1.52bn global offering and dual primary listing of Li Auto Inc. on the HKSE.
- Advised the sponsors and underwriters on the $655m global offering and listing of Nayuki Holdings.
- Advised the joint sponsors and underwriters on the $400m global offering and listing of Keymed Biosciences on the HKSE.
Latham & Watkins LLP
US-headquartered finance powerhouse Latham & Watkins LLP is a major force across Greater China, and with several partners based out of Hong Kong, has the strength in depth to handle a range of ECM mandates, including IPOs, follow-on offerings and equity derivatives, for a balanced roster of issuers and underwriters. A number of the team have particularly acute knowledge of the life sciences, heathcare and TMT industries, which they have leveraged to good effect for many Chinese issuers on their Hong Kong and US IPO projects. Greater China chair Cathy Yeung remains pivotal to much of this work and is able to leverage her transactional experience and her deep regulatory knowledge. Benjamin Su is key to much of the firm’s work in the TMT space and has developed excellent ties with both Chinese issuers and international underwriters.
Practice head(s):
Cathy Yeung
Other key lawyers:
Benjamin Su; Terris Tang; Allen Wang; Daying Zhang; Zheng Wan; Wei Wei; Mandy Wong
Key clients
Kuaishou Technology
Connect Biopharma Holdings Limited
Fulu Holdings
ESR Cayman
China Jinmao Holdings Group
China International Capital Corporation Hong Kong Securities Limited
The Goldman Sachs Group, Inc
JPMorgan Chase & Co
CLSA Capital Markets Limited
Morgan Stanley
Linklaters
Linklaters has garnered ‘extensive experience in advising on complex and first-of-the-kind transactions and innovative products’ for both underwriters and a growing number of issuers. In this regard, the firm acted as underwriter’s counsel to Aquila Acquisition Corporation in what was Hong Kong’s very first SPAC listing after the new SPAC regime took effect in January 2022. The team has also been at the forefront of advising parties on the new wave of Global Depository Receipts (GDRs) which have been listed on the Swiss Stock Exchange, following the establishment and modification of the Stock Connect system that enables Chinese companies to access the Swiss capital market (and vice versa). Lipton Li excels at advising Chinese issuers tapping into the international capital markets and has had a key role on many of the GDR transactions, including in the London market. Li co-heads the team alongside ‘outstanding’ counsel Donnelly Chan, who is praised for ‘his ability to help resolve complex issues’.
Practice head(s):
Lipton Li; Donnelly Chan
Other key lawyers:
Hyung Ahn; Alex Bidlake; Christopher Yip; Wei Liang; Christian Felton
Testimonials
‘The team has extensive experience in advising on complex and first-of-the-kind transactions and innovative products.’
‘Donnelly Chan is outstanding. His dedication and ability to help resolve complex issues, as well as his experience and expertise, is second-to-none.’
Key clients
FWD Group Holdings Limited
China Tourism Group Duty Free Corporation Ltd
Work highlights
- Advised on the listing of Aquila Acquisition Corporation, a special purpose acquisition company (SPAC), on the Hong Kong Stock Exchange. This was first SPAC listing in Hong Kong.
- Advised the joint global coordinators and joint bookrunners on Prudential’s $2.9bn public share offer and international placing of new shares on the Hong Kong Stock Exchange.
- Advised the joint sponsors and underwriters on the global offering and listing of HUTCHMED on the Hong Kong Stock Exchange.
Simpson Thacher & Bartlett LLP
Drawing upon ‘rich local experience and superb professional ability’, Simpson Thacher & Bartlett LLP provides local and US law expertise to issuers and underwriters across a range of ECM mandates, both on the HKSE and in relation to listings in the US. The team, which is now headed up by Christopher Wong following Celia Lam‘s retirement from the partnership, has established a particularly strong reputation in the context of handling secondary homecoming listings, which have remained popular among Chinese issuers listed on US stock exchanges. Notably, Wong recently advised the sponsors on the secondary listing of Chinese electric car maker NIO. English and Hong Kong law-qualified Marjory Ding was recently promoted to partner in recognition of her growing credentials among underwriters and issuers.
Practice head(s):
Christopher Wong
Other key lawyers:
Celia Lam; Daniel Fertig; Yi Gao; Marjory Ding
Testimonials
‘The team is the top law firm in the field of ECM transactions in the US and Hong Kong markets, and has participated in many of the world’s largest and most complex projects in form and structure.’
‘They have rich local experience and superb professional ability.’
Key clients
51job, Inc.
Alibaba Group Holding Limited
Athenex Inc.
Baozun Inc.
BEST Inc.
Binjiang Service Group
Cango Inc.
Canaan Inc.
Cheerwin Group Limited
Chervon Holdings Limited
China Logistics Property Holdings Co., Ltd
Crystal International Group
Full Truck Alliance Co. Ltd.
Work highlights
- Advised joint sponsors on the secondary listing of NIO Inc. by way of introduction on the Main Board of The Stock Exchange of Hong Kong Limited.
- Advised the underwriters on the HK$3bn global offering and secondary listing of the ordinary shares of Weibo Corporation on the Main Board of The Stock Exchange of Hong Kong Limited.
- Advised the underwriters on the $4.4bn IPO and listing on the New York Stock Exchange of DiDi Global Inc.
Skadden, Arps, Slate, Meagher & Flom LLP
Able to advise on US and Hong Kong law matters, the ‘extraordinary’ team at Skadden, Arps, Slate, Meagher & Flom LLP has developed a market-leading reputation advising Chinese issuers on both US listings, as well as HKSE IPOs. The firm has gained a significant proportion of the largest US listings by Chinese corporates (including DiDi Global’s $4.4bn IPO of American Depositary Shares and listing on the New York Stock Exchange) and has also remained active advising other Asia-based issuers seeking to access the US capital markets. Under the guidance of corporate head Jonathan Stone, the firm has also continued to corner the market on homecoming listings and has, according to clients, ‘built an unrivalled track record of helping US listed issuers to list in Hong Kong through dual primary or secondary listing’. The ‘well-respected and highly experienced’ Paloma Wang has ‘extensive experience in handling prominent US and Hong Kong IPOs’ and is a key member of the team that also includes Shu Du, whose stellar transactional track record recently included advising JD Logistics on its $3.2bn Hong Kong IPO; and counsel Yilin Xu, who focuses on public listings, M&A and private equity investments. Julie Gao recently went in-house.
Practice head(s):
Jonathan Stone
Other key lawyers:
Paloma Wang; Shu Du; Kai Sun; Anthony Pang; Martina To; Yilin Xu
Testimonials
‘It is the firm of choice for a large number of issuers in tech and other sectors, and has built an unrivalled track record of helping US listed issuers to list in Hong Kong through dual primary or secondary listing, as well as other innovative products.’
‘The firm has an extraordinary capital markets team, and has extensive experience in dealing with complex issues.’
‘The team is the absolute leader in the listing of new economy companies in the US and Hong Kong.’
‘The Skadden team has rich experience in the listing of Chinese stocks in the US.’
‘The team is strong, diligent and conscientious and always puts the clients’ interests first.’
‘Paloma Wang is well-respected and highly experienced with extensive experience in handling prominent US and Hong Kong IPOs.’
Key clients
DiDi Global, Inc.
JD Logistics, Inc.
Grab Holdings Inc.
Baidu, Inc.
Bilibili Inc.
NIO Inc.
Prenetics Limited
Li Auto Inc.
Trip.com Group Limited
Kanzhun Limited
Autohome Inc.
Zhihu Inc.
Bairong Inc.
Cloud Village Inc.
Weibo Corporation
Waterdrop Inc.
Missfresh Limited
ClATRenew Inc.
Smart Share Global Limited
Transcenta Holding Limited
Zhangmen Education Inc.
KE Holdings Inc.
Work highlights
- Advised Nio Inc. on its secondary listing in Hong Kong, and its subsequent secondary listing in Singapore, making Nio the first Chinese company to be listed in the US, Hong Kong and Singapore at the same time.
- Advised JD Logistics, Inc. on its $3.2bn IPO of ordinary shares and listing on the Hong Kong Stock Exchange.
- Advised Baidu on its $3.1bn secondary listing and global offering of ordinary shares on the Hong Kong Stock Exchange.
Allen & Overy
Able to draw upon significant resources throughout the region, Allen & Overy is well-positioned to advise issuers and underwriters on ECM matters, including IPOs, listings, and follow-on transactions such as rights issuances and block trades, across a range of different listing venues. The team, which is headed up by Lina Lee, has ‘a very commercial and practical approach to solving problems’, developed not only by dint of its transactional experience, but also its deep knowledge of the regulatory framework and ability ‘to keep constantly updated’ on the ever evolving Hong Kong regulatory regime. Recognised as a ‘star practitioner’, Lee is at the forefront of the most challenging and high-profile work the team handles, including her recent advice to SPAC Vivere Lifesciences on its proposed listing on the HKSE. The ‘very commercial and experienced’ Jonathan Hsui is well-versed in advising on block trades and IPOs, while Hong Kong and US-qualified partner Kung-Wei Liu ensures that the firm is also able to handle international listings on the HKSE. The highly regarded Gilbert Li joined the practice from Linklaters in mid-2022.
Practice head(s):
Lina Lee
Other key lawyers:
Jonathan Hsui; Kung-Wei Liu; Ryan Tou; Gilbert Li
Testimonials
‘The team not only knows the Hong Kong rules very well, they have been able to keep themselves constantly updated which is important given the ever-changing nature of the regulatory regime in Hong Kong.’
‘They have a very commercial and practical approach to solving problems, and often provide suggestions to legal problems which balances both the interests of the issuer, as well we the banks, regardless of the role they play in a transaction.’
‘The firm has a compact team structure, flexible communication methods, and fast response speed, which can efficiently complete various work related to mergers and acquisitions.’
‘Lina Lee is the star practitioner within the team.’
‘Jonathan Hsui is very commercial, experienced, and has a very hands on approach to transactions, being fully involved through the entire transaction cycle.’
Key clients
Nativus Company Limited
JL Mag Rare-Earth Company Limited
Vivere Lifesciences Acquisition Corp
Luye Pharma Group
Zhongsheng Group Holdings Limited
China Gas Holdings
CITIC Securities
Work highlights
- Advised China Resources Verlinvest Health Investment Limited, a Hong Kong incorporated joint venture company, as the majority shareholder in OatlyGroup in connection with its $10bn IPO on the Nasdaq Global Select Market.
- Acting as Hong Kong and US legal adviser to the sponsors and underwriters on the listing of the H shares of JL Mag Rare-Earth Company Limited (JLMag Rare-Earth) on the Hong Kong Stock Exchange.
- Advising Vivere Lifesciences on its proposed listing on the Hong Kong Stock Exchange.
Herbert Smith Freehills
The ‘professional and responsive’ team at Herbert Smith Freehills has strong and deep coverage in Hong Kong and mainland China as well as other key APAC markets including Singapore, ensuring that it is able to provide a one-stop-shop service to underwriters and issuers on ECM work in the region, including as it relates to IPOs, secondary listings, block trades and rights issuances. Under the sage leadership of the ‘approachable and client-driven’ Matthew Emsley, the team ‘excels at advising on Hong Kong IPO products’. A good deal of this work is on behalf of sponsors in relation to China-based biotech companies, which have increasingly opted to list on the HKSE following the introduction of Rule 18A. Dual Hong Kong and English law-qualified partner Jeremy Shen is also recommended.
Practice head(s):
Matthew Emsley
Other key lawyers:
Jason Sung; Jeremy Shen; Jin Kong; Ariel Lin; Maisie Ko; Kris Cheung; Jaime Fong
Testimonials
‘The team is professional and responsive.’
‘The firm excels at advising on Hong Kong IPO products. They are one of our go-to advisers for Hong Kong IPOs in the role of underwriters’ counsel. Their legal skills and commercial sense are really outstanding.’
‘Matthew Emsley and Maisie Ko are both approachable, client-driven, hard-working, and extremely skilful. They are the best interpreters of Hong Kong Listing Rule and Capital Market-related laws I’ve ever worked with.’
‘Jeremy Shen provides companies with customised and appropriate legal advice.’
Key clients
China International Capital Corporation Hong Kong Securities
BofA Securities
JL MAG Rare-Earth Co., Ltd.
Goldman Sachs
UBS
Morgan Stanley
J.P. Morgan
Shanghai Heart Care Medical Technology Corporation Limited
Huatai Financial Holdings (Hong Kong) Limited
CMBC Securities Company Limited
Guotai Junan Securities (Hong Kong) Limited
Work highlights
- Advised CICC and BofA Securities as joint sponsors of on-demand delivery service provider Hangzhou SF Intra-city Industrial Co.’s HK$2.15bn main board listing on the Hong Kong Stock Exchange.
- Advised JL MAG Rare-Earth Co. on its main board listing on the Stock Exchange of Hong Kong, as a dual primary listing alongside its A shares on the Shenzhen Stock Exchange.
- Advised Goldman Sachs and UBS as joint sponsors of biopharmaceutical company CARsgenTherapeutics Holdings Limited’s main board listing on the Stock Exchange of Hong Kong.
King & Wood Mallesons
Drawing upon notable expertise on the Chinese mainland and the team based out of the firm’s Hong Kong headquarters, Asia-focused international powerhouse King & Wood Mallesons has ‘rich and practical experience’ acting for Chinese issuers (including SOEs) on their ECM activity, running the gamut of Hong Kong IPOs, spin-offs, follow on offerings and public M&A. Leveraging his financial and accounting knowledge, Anthony Wan provides ‘well-balanced advice which successfully balances risk management and commercial considerations’. Other key practitioners include the ‘experienced’ Gary Lock, who has ‘strong relationships with the regulators’; the ‘knowledgeable and extremely responsive’ Sheldon Tse, whose corporate background frequently sees him engaged on public M&A mandates; and Corey Zhang, whose arrival in July 2021 from Clifford Chance enhances the firm’s ability to advise on international mandates, including GDRs and Rule 144 A offerings. Team head Candy Chan is also recommended.
Practice head(s):
Candy Chan
Other key lawyers:
John Chan; Anthony Wan; Gary Lock; Corey Zhang; Jia Liu; Yu Wang; Kanne Leung; Sheldon Tse
Testimonials
‘They have rich and practical experience in dealing with clients covering medium-sized enterprises to state-owned or large scale multinational corporations, covering a wide spectrum of transactions, such as IPOs, equity and debts offerings and M&A.’
‘Sheldon Tse is knowledgeable and extremely responsive.’
‘Anthony Wan is very hands on and knowledgeable and provides well balanced advice which successfully balances risk management and commercial considerations.’
‘Anthony Wan is highly experienced, hands-on, knowledgeable and extremely responsive. His previous accounting and financial knowledge and experience as an auditor, and acute and professional judgement enables him to provide practical solutions to complicated issues.’
‘The experienced Gary Lock is able to leverage a superb network and also has strong relationships with regulators.’
Key clients
Dongguan Rural Commercial Bank Co., Ltd.
CICC
Zaozhuang Mining (Group) Co., Ltd.
Sichuan Development Holding Co., Ltd.
Shenzhen Expressway Company Limited
Chinasoft International Limited
Yuexiu Services Group Limited
New Hope Service Holdings Limited
Soochow Securities (International)
MEGAIN Holding (Cayman) Co., Ltd.
China Merchants Securities (HK) Co.
Zhongtai International Capital Limited
Work highlights
- Advised Zaozhuang Mining (Group) Co., Ltd., a wholly-owned subsidiary of China State-owned Shandong EnergyGroup Company Limited, on its $3bn acquisition of equity interests in Shanghai listed Zhongtai Securities Co., Ltd.
- Advised Sichuan Development Holding Co., Ltd on its $3.1bn strategic group restructuring and waiver applications to the Securities and Futures Commission (SFC) relating to the Hong Kong Code on Takeovers and Mergers (Takeovers Code).
- Advised Hong Kong and Shanghai dual-listed Shenzhen Expressway Company Limited on its $1.34bn acquisition of a majority equity interest in Shenzhen Investment Holdings Bay Area Development Company Limited.
Norton Rose Fulbright
With a strong and established presence in Hong Kong and a growing offering out of Shanghai, Norton Rose Fulbright has successfully nurtured strong relationships with regional and international banks, ensuring that the firm picks up a significant pipeline of work, particularly in the context of mid-market Hong Kong IPOs. UK and Hong Kong-qualified team head Psyche Tai has vast experience in the market and is adept at advising on issues throughout the ECM life cycle, ranging from pre-IPO investments, IPOs and spin-offs, as well as post-listing compliance, and delisting work. Benefitting from superb technical and legal skills, as well as fluency in Mandarin and Cantonese, Terence Lau is a popular choice among regional banks across a variety of ECM matters spanning IPOs, convertible bonds, top-up placings and note subscriptions. Counsel Aldo Chan has a strong transactional practice, and provides compliance and regulatory advice to listed companies.
Practice head(s):
Psyche Tai
Other key lawyers:
Terence Lau; Doris Ng; Harold Tin; Aldo Chan
Testimonials
‘The firm has significant experience at handling real estate-related capital market transactions.’
‘Doris Ng is very solid.’
Key clients
Beijing Capital Land
CCB International Asset Management Limited
CEB International Capital Corporation Limited
China Industrial Securities International Capital Limited
China International Capital Corporation (CICC)
China Securities (International) Corporate Finance Company
China Water Affairs Group
Dongyue Group Limited
Haitong International Capital Limited
Huatai Financial Holdings (Hong Kong) Limited
ICBC International Capital Limited
Landing International Development Limited
Macquarie Capital Limited
Ping An of China Capital (Hong Kong) Company Limited
UOB Kay Hian (Hong Kong) Limited
Work highlights
- Advising Powerwin Tech Group, a Chinese cross-border digital marketing service provider, on the proposed listing on the main board of the Hong Kong Stock Exchange.
- Advised Macquarie Capital Limited as the sole sponsor on the listing of Better Life Holding Limited on the main board of the Hong Kong Stock Exchange.
- Advised Dongyue Group Limited on its HK$3.33bn placing of new shares.
Slaughter and May
Drawing upon strong corporate and banking ties, as well as deep regulatory expertise, Slaughter and May is a popular choice for issuers and underwriters, including in the context of first-in-kind equity capital markets transactions. Benita Yu regularly advises Chinese corporate and SOE issuers on primary and secondary offerings, and also has deep knowledge of public M&A. Leveraging many years’ experience in private practice, as well as a stint as senior in-house counsel at Goldman Sachs, US and Hong Kong-qualified partner John Moore is well-versed in the commercial, legal and regulatory nuances associated with a range of ECM work, including SEC-registered, Rule144A/Regulation S and Rule 144 offerings. Senior partner Peter Brien co-heads the team alongside Yu.
Practice head(s):
Peter Brien; Benita Yu
Other key lawyers:
John Moore; Clara Choi; Jianhao Zheng
Key clients
China International Capital Corporation Hong Kong
China Merchants Securities
China Power International Development
Citigroup Global Markets
CLSA
CMB International Securities Limited
FWD Group
GF Capital (Hong Kong) Limited
Goldman Sachs
Guotai Junan Securities Co., Ltd.
Haitong International Securities Group
HSBC Corporate Finance (Hong Kong) Limited
Orient Overseas (International) Limited
Prudential plc
Standard Chartered
Work highlights
- Acted as lead counsel to the joint sponsors CICC, Haitong International and HSBC, as well as the joint global co-ordinators, the joint bookrunners and the underwriters as to Hong Kong and US law on the HK$5.78bn global offering and listing of SenseTimeGroup Inc. on the Main Board of the Hong Kong Stock Exchange.
- Advised Prudential plc on the spin-off of its US business, Jackson Financial Inc., and separate listing on the New York Stock Exchange.
- Advised on the $2.4bn equity raise by Prudential plc on the Hong Kong Stock Exchange.
Ashurst
Drawing upon ‘in-depth market knowledge’ and able to resource matters utilising a ‘very hands-on’ approach, Ashurst is active for issuers, underwriters and sponsors across the life-cycle of ECM matters, including on IPOs, general compliance matters, spin-off listings, secondary offerings, block trades and buy backs. The ‘very business-oriented’ Frank Bi is a key driver for the firm’s China facing practice and is regularly engaged by Chinese issuers, including SOEs on ECM work. The team is also able to call upon several lawyers with both Hong Kong and US qualifications, including Melody He and Li Jiang, who are well-placed to advise Asian entities listing in the US, as well as advising on international capital markets matters.
Practice head(s):
Frank Bi
Other key lawyers:
Melody He; Li Jiang
Testimonials
‘The team has in-depth market knowledge and an excellent understanding of their client’s business.’
‘The team is very hands-on, participating in many execution level meetings.’
‘Multiple teams work closely to create synergy, providing client one-stop solution for complicated issues.’
‘Melody He is the most trusted partner and legal professional I have worked with. She has rich experience, in-depth and updated professional expertise and best client service spirit.’
‘Jiang Li is a strong partner. She is very hands on in deal execution. Further, she is a quick learner, even in novel areas, she is able to do good research and provide solid advice thereafter.’
‘Frank Bi is very business-oriented.’
Key clients
CLSA Limited
Onion Global Limited
Superior New Materials Company Limited
Credit Suisse (Hong Kong)
Merrill Lynch (Asia Pacific)
Macquarie Capital Securities (Malaysia) Sdn.Bhd./Macquarie Capital Limited
Citadel Securities
Loco Hong Kong Holdings Limited
Zhongtai International Capital
BofA Merrill Lynch
CEB International Capital Corporation Limited
Work highlights
- Advising CEB International Capital Corporation Limited as the sole sponsor in connection with the Hong Kong IPO of RongHui Joy Life Group.
- Advising UBS Securities and Essence International as joint sponsors in connection with the spin-off of Shandong Boan Biotechnology Co., Ltd from Luye Pharma Group Ltd. and the listing on the Stock Exchange under Chapter 18A of the Listing Rules.
- Advising Zhongtai International Capital Limited as the sole sponsor on the proposed Hong Kong IPO of an integrated marketing solutions services company in the PRC with particular success in content marketing.
Baker McKenzie
Led from Hong Kong by Christina Lee and also able to draw upon significant resources throughout its international network of offices, Baker McKenzie‘s Greater China team provides a ‘very hands-on and detail-oriented’ service to a strong and growing roster of Chinese issuers, underwriters and sponsors. Several recent new hires have enhanced the practice, including most recently that of US-qualified partner Thomas Tarala, who brings additional international strength including expertise in SEC-registered offerings and offerings pursuant to Reg S and Rule 144A. Victoria Lloyd is also a key part of the team, not only on the transactional front but also with regard to regulatory matters, where her membership on the HKSE listing committee provides great insight.
Practice head(s):
Christina Lee
Other key lawyers:
Ivy Wong; Thomas Tarala; Victoria Lloyd; Brian Wong
Testimonials
‘The team is very hands on and detail oriented.’
Key clients
3SBio Inc.
China Evergrande New Energy Vehicle Group Limited
China United Lines Limited
Coolpad Group Limited
Orient Capital (Hong Kong) Limited
Sony Music Entertainment
Work highlights
- Acted as Hong Kong law counsel to the joint sponsors on Yuexiu Services Group Limited’s global offering and listing on the Hong Kong Stock Exchange.
- Advising China United Lines on its listing on the Hong Kong Stock Exchange.
- Advised Sony Music Entertainment on its cornerstone investment in Cloud Village Inc.’s Hong Kong IPO and global offering of shares.
Deacons
At Deacons, the ‘knowledgeable and well-respected’ Ronny Chow (who is also a member of HKEX’s Listing Review Committee) leads a team of ‘talented and dedicated practitioners who are well versed with the nuances of corporate finance transactions’. Underwriters, sponsors and issuers are appreciative of the practice’s ability to ‘provide useful and practical analysis on related legal issues’, including as it pertains to regulatory analysis, ensuring that clients receive a holistic service that is fully compliant from a risk management perspective. The scope of the work is broad and includes advice on IPOs and listings on both the Main Board and Growth Enterprise Market of the HKSE, as well as a range of other related matters, including block trades, private placements, rights issuances and other secondary offerings. Maynard Leung is also recommended.
Practice head(s):
Ronny Chow
Other key lawyers:
Rhoda Yung; Canny Lau; Queena Chow; Maynard Leung
Testimonials
‘Deacons has a very strong corporate finance team with solid execution experience in different transaction types. You can fully rely on them to provide useful and practical analysis on related legal issues.’
‘The team’s breath and depth of expertise in acting for issuers is outstanding. Its strength lies in its pool of talented and dedicated practitioners who are well versed with the nuances of corporate finance transactions.’
‘Ronny Chow is very knowledgeable and well-respected in the field.’
Key clients
BNP Paribas Securities (Asia) Limited
BOCOM International (Asia) Limited
CMB International Capital Limited
CMBC International Capital Limited
DBS Asia Capital Limited
Dongxing Securities (Hong Kong) Company Limited
Guotai Junan Capital Limited
Haitong International Capital Limited
Halcyon Capital Limited
ICBC International Capital Limited
Work highlights
- Advised the sole sponsor Guotai Junan Capital Limited and underwriters in relation to the Main Board IPO of Tam Jai International Co. Limited.
- Advised the financial advisers to Yuexiu REIT Asset Management Limited in relation to the HK$3.95bn rights issuance by Yuexiu REIT.
- Advised Viva China Holding Limited on the placing down of its stake in Li Ning Company Limited and top-up placing of shares in Li Ning Company Limited.
Fangda Partners
Benefitting from ‘a good collaborative relationship with its PRC parent firm’, Fangda Partners‘ Hong Kong team is very effective at advising Chinese entities, including SOEs – where it is noted for its ability to provide ‘very targeted legal advice’ – across a range of ECM matters, including Hong Kong IPOs, public M&A and PIPEs. Christina Fu ‘is very effective in working under pressure and deadlines’ and excels at advising on IPO matters and ongoing regulatory compliance matters. Colin Law heads up the team.
Practice head(s):
Colin Law
Other key lawyers:
Peter Chen; Arnold Pang; Christina Fu; Edward Bong; Arman Lie; Lawrence Wang; Kitty Chan; Geoffrey Cheung; Jonathan Wallenberger
Testimonials
‘The partners are generally technically very competent and hands-on in deals.’
‘They have coverage in different areas of technicality and expertise and are also quite well-rounded. They have a good collaborative relationship with their PRC parent firm.’
‘It is very familiar with the nature of state-owned enterprises in mainland China and the business demands of state-owned enterprises, so it is very targeted when providing legal advice.’
‘Christina Fu is very effective in working under pressure and deadlines – she never sacrifices quality as a result of time constraints.’
Key clients
China International Capital Corporation Hong Kong Securities Limited
HSBC Corporate Finance (Hong Kong) Limited
The Hongkong and Shanghai Banking Corporation Limited
Shenwan Hongyuan (H.K.) Limited
Chaoju Eye Care Holdings Limited
Cheshi Holdings Limited (now named Cheshi Technology Inc.)
Hongcheng Environmental Technology Company Limited
Zhejiang Cangnan Instrument Group Co., Ltd.
WuXi Biologics (Cayman) Inc.
Jinxin Fertility Group Limited
C-MER Eye Care Holdings Limited
Alibaba, Taobao
PAG Capital Limited
Work highlights
- Acted as Hong Kong and US counsel to Chaoju Eye Care Holdings Limited on the listing of Chaoju Eye Care’s ordinary shares on the Main Board of the Stock Exchange of Hong Kong and the concurrent global offering.
- Acted as Hong Kong Counsel to Shenwan Hongyuan (H.K.) Limited in relation to the listing by way of introduction of Huaxin Cement Co., Ltd.
- Represented the underwriters in relation to the spin-off and listing by way of distribution in species and global offering of Jinmao Property Services Co, the property management business of China Jinmao Holdings Group.
Hogan Lovells
Hogan Lovells punches above its weight in the market by virtue of its strong international network, allowing it to advise on large cross-border mandates. Although the team is active across a range of IPOs, global offerings and rights issuances, the group acts for underwriters and issuers in relation to a range of sectors with real estate matters a particular strength. Corporate head Sammy Li recently advised Central China Management Company on its spin-off from Central China Real Estate and IPO and listing of shares on the Main Board of the HKSE. New York-qualified head of private equity Stephanie Tang has handled a raft of take private mandates for US-listed Chinese corporates and is also a useful resource to clients on Rule 144 A offerings.
Practice head(s):
Sammy Li; Nelson Tang; Stephanie Tang
Key clients
BNP Paribas
Central China Management Company Limited
Central China New Life
Credit Suisse
China International Capital Corporation Hong Kong Securities Limited
DBS Asia Capital Limited
Fineland Living Services Group Limited
JP Morgan
Midea Real Estate Holding Limited
Pacific Century Property Development
Renrui Human Resources Technology Holdings Limited
UBS
Work highlights
- Advised DBS Asia Capital Limited as the sole listing agent and DBS, Credit Suisse and JPMorgan as Joint Global Co-ordinators in relation to the IPO of SF Real Estate Investment Trust (SF REIT) on the Main Board of the Hong Kong Stock Exchange.
- Legal adviser to Central China Management Company Limited on its spin-off from Central China Real Estate and IPO and listing of shares on the Main Board of the Stock Exchange of Hong Kong.
- Advised China International Capital Corporation Hong Kong Securities Limited, the placing agent, on the $281m H-share placement of Guangzhou Rural Commercial Bank Co.
Morgan, Lewis & Bockius
Morgan, Lewis & Bockius has carved out a successful practice acting as company side counsel throughout the life-cycle of ECM mandates, from initial listings, through to post-IPO matters and advice across a range of work for the subsequently listed companies. Although the firm is active across a range of industry sectors, it has gained most traction advising education sector issuers on Hong Kong-based IPOs, as well as frequently on their concurrent global placements. Team head Edwin Luk has a strong reputation in the market and has been pivotal to the firm’s success in the education sector.
Practice head(s):
Edwin Luk
Other key lawyers:
June Chan; Keith Cheung; Billy Wong
Key clients
BetterLife Holding Limited
China General Education Group Limited
South China Vocational Education Group Company Limited
CCB International Capital Limited
LHN Limited
He Sheng Overseas Holdings Limited
GIC
China Distance Education
CMMB Vision Holdings Limited
Minsheng Education Group Company Limited
Health and Happiness (H&H) International Holdings Limited
Kinetic Development Group Limited
Impro Precision Industries Limited
Work highlights
- Represented BetterLife Holding Limited on its $85m IPO listing on the Main Board of the Stock Exchange of Hong Kong with concurrent global placement pursuant to Regulation S.
- Represented China General Education Group Limited on its $59.4m IPO listing on the Main Board of the Stock Exchange of Hong Kong with concurrent global placement pursuant to Regulation S.
- Represented South China Vocational Education Group Company Limited on its $68.4m IPO listing on the Main Board of the Stock Exchange of Hong Kong with concurrent global placement pursuant to Regulation S.
Morrison Foerster
Benefitting from ‘strong technical expertise at the listing level in Hong Kong’, as well as deep industry knowledge in certain core areas, Morrison Foerster has developed particular strength advising issuers and underwriters on IPOs (and post listing compliance matters) in the TMT, life sciences and healthcare sectors, in particular. Noted by clients for her ‘hands-on and knowledgeable‘ approach, Vivian Yiu often takes the lead on the most significant Hong Kong IPOs handled by the team, including mandates in cutting-edge areas such as the burgeoning SPAC market, which she has been at the forefront of in terms of shaping new laws as well as transactional work. The ‘very technical’ Ke Huang co-heads the team alongside Yiu and excels at advising on international capital markets matters, including advice on Rule 144A and Regulation S mandates. Venantius Tan recently retired.
Practice head(s):
Vivian Yiu; Ke Huang
Other key lawyers:
Stephen Birkett; Ian Tam; Diana Tan; Francis Wong; Ellie Xu
Testimonials
‘The team has strong technical expertise at the listing level in Hong Kong.’
‘Vivian Yiu is a hands-on and knowledgeable partner and is great at resolving problems.’
‘Ke Huang is very technical.’
Key clients
Kindstar Global Beijing Technology Inc.
Flowing Cloud Technology Ltd.
Shenzhen Samoyed Internet Financial Services Company Ltd
Haitong International Capital Limited
CLSA Capital Markets Limited
BOC International Holdings Ltd.
BOCOM International Holdings Co. Ltd.
China International Capital Corporation Limited
China Securities (International) Finance Holding Company
InvestIndustrial Holdings
Shenwan Hongyuan (International) Holdings Limited
Work highlights
- Represented the sole sponsor, Haitong International Capital Limited, in relation to HK Acquisition Corporation’s SPAC IPO on the Hong Kong Stock Exchange.
- Advised Kindstar Globalgene Technology in relation to its HK$2.21bn IPO on the Hong Kong Stock Exchange.
- Advised Flowing Cloud Technology Ltd. in relation to its proposed IPO on the Hong Kong Stock Exchange.
O'Melveny
The integrated Greater China offering at O'Melveny, which includes practitioners in Beijing, Shanghai and Hong Kong, advises a balanced roster of Chinese issuers and underwriter banks seeking to access both the Hong Kong and US public markets. A significant proportion of the work relates to life sciences and biotech sector issuances, an area that ‘very professional and effective’ Hong Kong and New York-qualified partner Ke Zhu is particularly skilled. Ke Geng heads up the team from Beijing.
Practice head(s):
Ke Geng
Other key lawyers:
Edwin Kwok; Ke Zhu
Testimonials
‘Ke Zhu provides a very professional and effective service.’
Key clients
RemeGen Co.
Keymed Biosciences Inc.
Yonghe Medical Group Co., Ltd.
Brii Biosciences Limited
Acotec Scientific Holdings Limited
Gushengtang Holdings Limited
Shanghai Bio-heart Biological Technology Co.
Beauty Farm Medical and Health Industry Inc.
Scivita Medical Technology Co., Ltd.
Ningbo Jenscare Biotechnology
Shanghai NewMed Medical
Nanjing TransThera Biosciences
3D Medicines Inc.
Adlai Nortye
OrbusNeich Medical Group
Medbanks
Pharmaron
Beijing Keya Medical Technology
Work highlights
- Advised RemeGen Co. on its A-share IPO.
- Advised Keymed Biosciences Inc. on its Hong Kong IPO.
- Advised Yonghe Medical Group Co., Ltd. on its Hong Kong IPO.
Paul Hastings LLP
Based out of Hong Kong and able to tap into significant resources in the PRC, international legal heavyweight Paul Hastings LLP‘s Greater China capital markets team is well-positioned to advise international and Chinese banks as underwriters, as well as China-based issuers across a range of ECM activity, including as it relates to IPOs and global offerings, right issuances, placings, block trades and follow-on offerings. Raymond Li heads up the Greater China offering and, alongside his expertise in advising on Hong Kong IPOs, he is regularly instructed by China corporates on their M&A activity involving Hong Kong listed companies. Local law and New York-qualified partner Vincent Wang is also well regarded in the market, with recent work including advising underwriters and issuers on property management IPOs and global offerings on the HKSE.
Practice head(s):
Raymond Li; Neil Torpey
Other key lawyers:
Vincent Wang; Chaobo Fan; Jean Yu; Samuel Ng; Crystal Liu; Eric Wong
Key clients
Morgan Stanley
Credit Suisse
CICC
Citi
CMB International Capital Limited
CCB International Capital Limited
CITIC CLSA
BOCI Asia Limited
Fosun
China Merchants Securities
China Vanke
COSCO SHIPPING Development Co., Ltd.
ICBC International Capital
Zhongyuan Bank
China Bohai Bank Co.
JP Morgan
Goldman Sachs
UBS
Work highlights
- Advised Zhongyuan Bank on both its RMB28.47bn merger by absorption of three city commercial banks and its subsequent $488m H-share issuance.
- Advised WH Group Limited on its approximately $1.92bn conditional voluntary cash offer to buy-back for cancellation for shares representing approximately 13% of its total issued share capital.
- Advised CCB International as the sole sponsor and sole global coordinator, and China Industrial Securities International, Zhongtai International and Vision Capital International as joint book-runners and joint lead managers, on the $98.5m global offering and IPO of Dexin Services Group on the Main Board of the Hong Kong Stock Exchange.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton‘s integrated US and Hong Kong capital markets team advises issuers, sponsors and underwriters across the range of capital markets transactions, including Hong Kong-listed IPOs, SEC-registered and Reg S/Rule 144A IPOs, follow-on offerings and convertible bond offerings. New York and Hong Kong-qualified partner Shuang Zhao also regularly advises China-based clients on US listings; she recently acted as US counsel for the underwriters of China-based e-commerce company, Dingdong (Cayman) Limited, on its ADS offering on the NYSE. UK and Hong Kong-qualified partner Freeman Chan co-heads the team alongside Zhao.
Practice head(s):
Freeman Chan; Shuang Zhao
Other key lawyers:
Robert Williams; Raymond Lam
Key clients
BofA Securities
Burning Rock Biotech
Goldman Sachs
Huazhu Group Limited
Morgan Stanley
One Connect Financial Technology
Work highlights
- Advised Qingci Games on its approximately HK$1.02bn (including over-allotment option) IPO and listing in Hong Kong.
- Advised the underwriters on the SEC-registered IPO and NYSE-listing of Dingdong (Cayman) Limited.
- Advised TLGY Acquisition Corporation on its IPO on the Nasdaq Global Market.
DLA Piper
Drawing upon the expertise of lawyers spread across Greater China with Hong Kong, US and English law capabilities, DLA Piper provides ‘cost-effective, high-quality and practical advice’ on Hong Kong listings and concurrent global offerings pursuant to Regulation S. The arrival in November 2021 of New York-qualified specialist George Wu from Herbert Smith Freehills was the latest of a series of recent hires, which also included the ‘very knowledgeable’ Arthur Tso from Kirkland & Ellis in March 2021.
Practice head(s):
Luke Gannon
Other key lawyers:
Arthur Tso; Christina Loh; George Wu
Testimonials
‘The team provides cost-effective, high-quality and practical advice.’
‘They are able to provide constructive opinions from a comprehensive business and financial perspective.’
‘Arthur Tso is very knowledgeable and familiar with Hong Kong listing rules and related regulation, and can provide very practical advice.’
Key clients
Lanvin Group
MC Hologram Inc.
VIYI Algorithm Inc.
Nanjing Hanrui Cobalt Co., Ltd.
Deewin Tianxia Co., Ltd
APM Monaco Limited
CMC Capital Partners
Lilly Asia Ventures
Gaocheng Capital
Color Star Technology Co., Ltd
Work highlights
- Advised Lanvin Group on its de-SPAC transaction.
- Acted as Hong Kong and US counsel to Nanjing Hanrui Cobalt Co. on its proposed IPO and H-Share listing on the main board of the Hong Kong Stock Exchange with a concurrent global offering pursuant to Regulation S.
- Advised MC Hologram Inc. on its $450m merger with Golden Path Acquisition Corporation, a publicly traded SPAC.
Eversheds Sutherland
Eversheds Sutherland‘s Greater China capital markets team has ‘rich experience in IPO and post-listing compliance work’ for issuers, sponsors and underwriters. The team, under the guidance of corporate head Stephen Mok, has successfully refocused its efforts for Hong Kong-listed corporates on their M&A activity. Other key practitioners include the ‘very experienced and diligent’ Dickson Ng, who combines corporate, M&A and capital markets expertise, and Roger Zhou, whose arrival in November 2021 from Morgan, Lewis & Bockius further enhanced the firm’s IPO practice.
Practice head(s):
Stephen Mok
Other key lawyers:
Amy Yu; Dickson Ng; Roger Zhou
Testimonials
‘They have rich experience in IPO and post-listing compliance work.’
‘The team provides cost-effective and commercial advice.’
‘They always provide explanations and clarifications on cutting-edge legal issues and have a great geographic scope.’
Key clients
NWS Holdings Limited
New World Development Company Limited
Chow Tai Fook Jewellery Group Limited
TEM Holdings Limited
TOM Group Limited
CCB International Capital Limited
EuroEyes International Eye Clinic Limited
BOCOM International (Asia) Limited
CITIC Resources Holdings Limited
UNQ Holdings Limited
Abbisko Cayman Limited
Tenaho Real Estate Development Co., Ltd.
DBS Asia Capital Limited
Hutchison Port Holdings Limited
Work highlights
- Advised NWS Holdings Limited on its acquisition of a portfolio of six premium logistics properties in Chengdu and Wuhan, the PRC from Goodman China Logistics Partnership and the associated formation of a joint venture with Goodman to manage and operate these assets as well as future logistics properties in the PRC.
- Acted for TEM Holdings Limited, which was previously a Hong Kong-listed company, in connection with its HK$12m privatisation by JumboPlanet Group Limited, the controlling shareholder of the company, by way of a scheme of arrangement and the withdrawal of listing of its shares on the Hong Kong Stock Exchange.
- Advising China Merchants Securities (HK) Co., Limited, being the sole sponsor of a leading synthetic graphite anode material producers of lithium-ion batteries based in Hebei, PRC in connection with the proposed H-share listing of the company on the Main Board of the Hong Kong Stock Exchange.
Jones Day
Acting as sole adviser, as well as frequently in collaboration with US and Europe-based lawyers, Jones Day‘s team handles a range of domestic and cross-border ECM work for a balanced mix of issuers, corporates, sponsors and underwriters. Joelle Lau has a strong track record advising on Hong Kong listings within traditional industries, as well as in relation to the biotech, healthcare and TMT sectors. Lau co-heads the team alongside Charles Chau, whose varied securities and corporate finance expertise, includes advice on public M&A mandates, as well as listings and ECM regulatory advice.
Practice head(s):
Joelle Lau; Charles Chau
Other key lawyers:
Halent Zhang; Donna Ko; Wenxing Feng
Key clients
GenScript Biotech Corporation
Legend Biotech Corporation
New Hope Group Co Ltd
China Galaxy International Financial Capital Limited
China International Capital Corporation Limited
China International Capital Corporation Hong Kong Securities Limited
China Everbright Securities International Limited
CMBC International Capital Limited
Shanghai Junshi Biosciences Co., Ltd
Asia-Germany Industrial Promotion Limited
Halcyon Capital Limited
BOC International (Asia) Limited
Huatai Financial Holdings (Hong Kong) Ltd
BNP Paribas Securities (Asia) Limited
Shanghai Junshi Biosciences Co., Ltd.
UBS AG Hong Kong Branch
UBS Securities Hong Kong Limited
OMERS Administration Corporation
The Hong Kong and China Gas Company Limited
Samson Paper Holdings Limited
Work highlights
- Represented GenScript Biotech Corporation, its controlling shareholder GenScript Corporation, and its subsidiaries LegendBiotech Corporation and Probio Technology Limited in the approximately $1bn investment by Hillhouse Capital.
- Represented Samson Paper Holdings Limited, a Bermuda incorporated company listed on the Main Board of the Stock Exchange of Hong Kong, on its $385m Bermuda/Mainland China/Hong Kong cross-border restructuring deal.
- Represented Shanghai Junshi Biosciences Co., Ltd., a company listed on the Main Board of the Stock Exchange of Hong Kong and the STAR Market of the Shanghai Stock Exchange on its $329m placing of new H shares.
Milbank
Milbank‘s Hong Kong-based capital markets team has strong coverage for issuers and underwriters in relation to Southeast Asian mandates. Team head James Grandolfo has been pivotal to much of this work, and alongside the ‘reliable and very well versed’ Paul Pery, is particularly adept at advising on Philippines-related matters.
Practice head(s):
James Grandolfo
Other key lawyers:
Paul Pery; Alex Tao
Testimonials
‘The team is great to work with because they know everyone and everyone wants to work with them. They are able to navigate projects through complexities of regulatory uncertainty, legal theory and have a wealth of experience to draw on.’
‘Paul Pery is responsive, reliable and very well versed, helpful in and out of projects and knows how to manage clients/personalities/banks.’
Key clients
BofA Securities
Morgan Stanley
Deutsche Bank
China Bank Capital
HSBC
BPI Capital
CLSA
Credit Suisse
BDO Capital
Bank of America Merrill Lynch
Nomura Singapore Limited
CIMB Investment Bank Bhd
Macquarie Capital Securities (Singapore)
Maybank Kim Eng Securities Pte. Ltd.
PNB Capital and Investment Corporation
Standard Chartered Bank
BNP Paribas Securities (Asia) Limited
Investment & Capital Corporation of the Philippines
RCBC Capital Corporation
Monde Nissin Corporation
Filinvest Land, Inc. and Filinvest REIT Corp.
Australia and New Zealand Banking Group Limited
DDMP REIT, Inc
Synergy Grid & Development Phils., Inc.
MREIT, Inc.
Citicore Energy REIT Corp.
Masan Group Corporation
Union Bank of the Philippines
Work highlights
- Advised UBS, Citi, Credit Suisse and J.P. Morgan as joint global coordinators in connection with the $1bn Rule 144A/Reg S IPO of Monde Nissin Corporation on the Philippine Stock Exchange.
- Advised UBS as sole placement agent in connection with an approximately $110m non-affiliated block trade in shares of Masan Group Corporation by Singapore’s sovereign wealth fund, GIC Private Limited.
- Advised Filinvest Land, Inc., as sponsor, and its real estate investment trust, Filinvest REITCorp. (FILREIT) on FILREIT’s ₱11.4bn IPO.
Reed Smith Richards Butler LLP
A stalwart of the local market, Reed Smith Richards Butler LLP has developed a strong track record advising Chinese corporates listing on the main board of the HKSE. The firm has maintained a busy practice advising on follow-on, secondary offerings and private placement placements, and is also well-placed to advise on cross-border mandates, leveraging its sizeable international network of offices; its ability to advise on US law from Hong Kong ensures that the team is able to advise on Reg S and 144A aspects of IPOs. UK and Hong Kong qualified-partner Denise Jong is at the forefront of the most significant work handled by the team, both in relation to IPO mandates, as well as subsequent work post listings.
Practice head(s):
Denise Jong
Other key lawyers:
Ivy Lai; KC Mok; Delpha Ho; Anthony Woo
Shearman & Sterling
Shearman & Sterling handles work for a bank-focused client base, acting as underwriters and agents on IPOs in other Asian venues, including recently in connection with One 97 Communications Limited (Paytm)’s $2.46bn India IPO. New York and Hong Kong-qualified team head Kyungwon Lee led on this deal and, as well as being adept handling Reg S offerings, has also recently advised placement agents on numerous PIPE transactions pursuant to SPAC listings in the US. Wanda Woo‘s return to the firm from Wilson Sonsini Goodrich & Rosati in February 2022 enhanced the team’s credentials in the market and added more capability in relation to Hong Kong listings.
Practice head(s):
Kyungwon Lee
Other key lawyers:
Wanda Woo; Leo Wong; Hae-Ran Song
Testimonials
‘The firm is very professional, has its own unique insights into complex issues or unprecedented issues, and can give sponsors and clients the best possible solution.’
‘Wanda Woo can always think of ways to solve the problem and the perspective of communication, which can not only satisfy the concerns of the regulators, but also meet the needs of clients.’
Key clients
Axis Capital Limited
BofA Securities
Citigroup
China International Capital Corporation Hong Kong Securities Limited
Credit Suisse
Goldman Sachs
J.P. Morgan
Merrill Lynch
Microvast
Morgan Stanley
Work highlights
- Advised the underwriters in connection with One 97 Communications Limited (Paytm)’s $2.46bn India IPO.
- Represented the placement agents on the PIPE in connection with Prenetics Global Limited’s business combination with Artisan Acquisition Corp.
- Advised Citigroup Global Markets as the global coordinator, sole bookrunner and representative of the underwriters of Black Spade Acquisition Co’s $168m SPAC US IPO.
Sidley Austin
Leveraging ‘good connections with the Hong Kong regulators’, Sidley Austin provides a ‘very commercial approach’ to issuers and underwriters on IPOs, follow-on offerings and compliance matters. Co-headed by Sherlyn Lau and Constance Choy, the team is ‘very experienced in various industry sectors’, including the TMT and biotech industries, and has also been active in the first wave of Hong SPACs and US SPACs involving targets in China. Key members of the team include Meng Ding, who advises on Hong Kong IPOs and US SEC-registered offerings, and the ‘smart and attentive’ Claudia Yu, who was recently promoted to partner.
Practice head(s):
Constance Choy; Sherlyn Lau
Other key lawyers:
Meng Ding; Claudia Yu; Steven Hsu
Testimonials
‘The team is very experienced in various industry sectors.’
‘They display a very commercial approach to tackling legal issues and have good connections with Hong Kong regulators.’
‘Claudia Yu is very experienced, smart and attentive. She has good drafting skills and is a solutions-oriented lawyer.’
‘Claudia Yu draws on her experience from transactions she worked on to solve problems, and is very conversant with all the updated rules.’
Key clients
Shanghai MicroPort MedBot (Group) Co., Ltd.
Tam Jai International Co. Limited
SCE Intelligent Commercial Management Holdings Limited
Bank of America
CDP Holdings, Ltd
Tiger Jade Acquisition Company
HK Acquisition Corporation
MicroPort NeuroTech Limited
LX Technology Group Limited
B. J. ZH. F. Panther Medical Equipment Co., Ltd
Huatai Financial Holdings (Hong Kong) Limited
JP Morgan
CICC
CLSA Ltd
Goldman Sachs
Morgan Stanley
Work highlights
- Advised Shanghai MicroPort MedBot (Group) Co., Ltd. (MicroPort MedBot) as Hong Kong and US counsel on its IPO and H-share listing on the Main Board of the HKEX under Chapter 18A of the Listing Rules.
- Advising the joint sponsors on MINISO Group Holding’s IPO.
- Advising Tiger Jade Acquisition Company as Hong Kong counsel in connection with its proposed SPAC listing.
Wilson Sonsini Goodrich & Rosati
Led by ‘creative and knowledgeable’ US and Hong Kong-qualified partner Dan Ouyang, Wilson Sonsini Goodrich & Rosati‘s Greater China offering, which includes practitioners in Hong Kong, Beijing and Shanghai, is particularly appreciated for its ability to provide an ‘integrated approach to executing both US and Hong Kong capital market transactions’. The team has particular industry expertise in high-growth sectors, including the technology and healthcare industries, and has recently been involved in numerous Hong Kong IPOs in these areas. The team is also adept at handling private placements, follow-on offerings and Hong Kong and US SPAC transactions.
Practice head(s):
Dan Ouyang
Other key lawyers:
Winfield Lau
Testimonials
‘They perform very professionally and have deep understanding in so many industries.’
‘Dan Ouyang is creative and knowledgeable.’
‘Dan Ouyang is qualified to practice in both US and HK and her team is fully integrated and experienced in executing both US and Hong Kong capital market transactions.’
Key clients
Angelalign Technology Inc.
Helens International Holdings Company Limited
IMEIK TECHNOLOGY DEVELOPMENT CO., LTD.
Goldman Sachs
Citigroup Global Markets Asia
China International Capital Corporation
BofA Securities
Finfront Holding Company
Lepu ScienTech Medical Technology
Haitong International
Huatai Financial Holdings (Hong Kong) Limited
Huafang Group Inc.
Fenbi Technology Ltd.
Work highlights
- Advised Angelalian Technology Inc. on its $436m Hong Kong IPO.
- Advised Helens International Holdings Company Limited on its $394m Hong Kong IPO.
- Advised Imeik Technology Development Co., Ltd. on its Hong Kong IPO.
Dentons Hong Kong
‘Very familiar with the process and requirements of listing in Hong Kong’, Dentons Hong Kong‘s team provides ‘balanced and very client-focused advice’ to issuers and underwriters, including many Chinese and boutique Hong Kong financial institutions. The ‘experienced and conscientious’ Norman Hui heads up the ECM team, which also includes Rachel Han, who is appreciated for her ability to ‘foster good client relationships’. Gordon Ng leads the overarching corporate finance function, and also has considerable expertise in relation to capital markets matters, including IPOs, pre-IPO financings, privatisations and de-listings.
Practice head(s):
Gordon Ng; Norman Hui
Other key lawyers:
Rachel Han
Testimonials
‘The firm provides balanced and very client-focused advice.’
‘The team is very familiar with the process and requirements of listing in Hong Kong, and can give professional guidance at the beginning of the project, so that customers can avoid detours, and co-operate with other intermediaries in place.’
‘Norman Hui is experienced and conscientious.’
‘Rachel Han is able to foster good client relationships while providing a good advisory service to clients.’
Key clients
BOCOM International (Asia) Limited
Goldman Sachs
Haitong International Capital
Innovation Works (Innovation Works Development Fund L.P and Innovation Works Holding Limited)
Mont Avenir Capital Limited
NWS Holdings Limited
Qiming Venture Partners (Qiming Managing DirectorsFund III, L.P., Qiming Venture Partners III, L.P. and Qiming Venture Partners III Annex Fund, L.P.)
Shenzhen New Nanshan Holding (Group) Co., Ltd.
Work highlights
- Advised Goldman Sachs and Haitong International Capital on the $191m IPO of Broncus Holding Corporation on the Hong Kong Stock Exchange under Chapter 18A of the Listing Rules.
- Advising BOCOM International (Asia) Limited on the proposed IPO of Leading Star (Asia) Holdings Limited on the Hong Kong Stock Exchange.
- Advising Mont Avenir Capital on the proposed IPO of TENAHO China Holdings Ltd on the Hong Kong Stock Exchange.
Howse Williams
Howse Williams handles work for underwriter and sponsor banks and issuers in relation to small to mid-cap ECM matters on the HKSE, including IPOs and secondary offerings. Brian Ho is the main contact for work in the space and has excellent credibility in the market as a result of his strong track record in private practice, as well as a tenure spent as an investment banker.
Practice head(s):
Chris Williams; Brian Ho
Other key lawyers:
Christopher Yu; Heidi Lee; Chia Ching Tan; Denise Che; Veronica Chow
Key clients
CMBC International Capital Limited
China Tonghai Capital Limited
Hongcheng Environmental Technology Company Limited
Haitong International Securities Company Limited
Argyle Street Management Limited
EEKA Fashion Holdings Limited
DL Holdings Limited
Kwok Yih & Chan
Independent Hong Kong-based corporate boutique Kwok Yih & Chan represents a balanced mix of issuers, underwriters and sponsors in relation to ECM work and is ‘especially strong in advising on the Hong Kong IPO market’. Leveraging ‘good relationships with the regulator’, Conrad Chan is very experienced at handling capital markets work, including IPOs, compliance matters and privatisation transactions. Larry Kwok and Dieter Yih are also recommended.
Practice head(s):
Larry Kwok; Dieter Yih; Conrad Chan
Other key lawyers:
Leon Saw; Cecil Kwong; Ronnie Bow; Jenny Ng; Kitty Cheung
Testimonials
‘The team is capable and experienced, and especially strong in advising on the Hong Kong IPO market.’
‘Conrad Chan is very experienced and has good relationships with the regulators.’
Key clients
China Tonghai Capital Limited
Dongxing Securities (Hong Kong) Company Limited
Vistar Holding Limited
PFC Device Inc.
Lotus Atlantic Limited
Work highlights
- Advised China Tonghai Capital Limited as the sole sponsor on the proposed listing of Board Ware Intelligence Technology Limited on the Main Board of the HKSE.
- Advising Dongxing Securities (Hong Kong) Company Limited as the sole sponsor on the proposed listing of Board Ware Intelligence Technology Limited on the Main Board of the HKSE.
- Advising Vistar Holdings Limited on its proposed transfer of its listing from GEM to the Main Board of the HKSE.
Mayer Brown
Led by UK and Hong Kong-qualified partner Billy Au, Mayer Brown advises a balanced mix of issuers and underwriters on mid-sized listings and global offerings on the HKSE. Hong Kong and New York-qualified partner Thomas Kollar has a focus on cross-border corporate finance mandates, including a considerable amount of work – alongside colleagues in the US – in relation to Nasdaq-listed SPAC IPOs.
Practice head(s):
Billy Au
Other key lawyers:
Jeckle Chiu; Thomas Kollar; Bonnie Yung; Guiping Lu; Jason Wang
Key clients
China Overseas Land & Investment Ltd.
BOCI Asia
AK Medical Holdings
Jiayuan International Group
BNP Paribas
CCB International Capital
Credit Suisse
Guotai Junan Capital
Haitong International Securities Company
UBS Securities Hong Kong
CLSA Capital Markets Limited
Huabao International Holdings
Sagaliam Acquisition Corp.
Sunfire Acquisition Corp Limited
Tian Yuan Law Firm
Leveraging its strong roots and coverage across mainland China, Tian Yuan Law Firm‘s Hong Kong office is a popular resource for issuers and underwriters, in relation to red-chip and H share companies listings and IPOs. Led by Nan Li, the team has developed particular expertise advising on IPOs in the new economy sector and healthcare related-industries.
Practice head(s):
Nan Li
Other key lawyers:
William Ji; Liu Ning; Charles Wang; Lindsay Gao; Isabelle Wu; Crystal Zhang; Jora Guo
Testimonials
‘They deal with problems pragmatically and efficiently, and are able to find the best solutions based on professional experience and the company’s actual problems.’
‘They are very familiar with China’s regulatory policies and practical operations, and are able to creatively provide solutions for customers.’
‘They have a strong domestic and foreign team linkage to provide customers with one-stop comprehensive services.’
Key clients
GUSHENGTANG HOLDINGS LIMITED
Chaoju Eye Care Holdings Limited
Strawbear Entertainment Group
Cheshi Holdings Limited
Zibuyu Group Limited
Gaush Meditech Ltd
Samoyed Cloud Technology Group Holdings
Beijing Evercare Medical Technology Group
China DHgate Group Limited
Howkingtech International Holding
Work highlights
- Acted as the Hong Kong legal adviser of the joint sponsors, the joint global coordinators and the underwriters in relation to Chaoju Eye Care Holdings Limited’s Hong Kong IPO.
- Advised Gushengtang Holdings Limited on its Hong Kong IPO.
- Advised Strawbear Entertainment Group on its Hong Kong IPO.
Winston & Strawn LLP
Winston & Strawn LLP provides a ‘reliable and efficient’ service to issuers, underwriters and sponsors on HKSE listings, on both the main board and the Growth Enterprise Market. David Cheng is ‘hands on and knowledgeable‘ and takes the lead on most of the Hong Kong-related capital markets work, including IPOs, spin-off listings and equity-linked transactions. Hong Kong and New York-qualified team head Simon Luk has been particularly active advising Asian tech-related SPACs listing in the US.
Practice head(s):
Simon Luk
Other key lawyers:
David Cheng
Testimonials
‘The team is very helpful, reliable and efficient and provides tailor-made legal solutions.’
‘David Cheng is hands on and knowledgeable.’
Key clients
RF Acquisition Corp.
UOB Kay Hian (Hong Kong) Limited
Karrie International Holdings Limited
HuaShi ZhongGuang International Media (Wuhan) Co., Ltd
China Shenghai Group Limited